v3.26.3
Segment reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Business Segments
The tables below set forth certain information with respect to the Group’s unaudited condensed consolidated statements of operations by reportable segment for the periods indicated.
Three months ended September 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$116,384 $— $116,384 $31,166 $147,550 
Plus/(Less): Third-party interests in capital provision assets— — — (6,798)(6,798)
Asset management income/(loss)— 13,198 13,198 (12,921)277 
Marketable securities income/(loss) and interest5,419 — 5,419 33 5,452 
Other income/(loss)— 429 429 — 429 
Total revenues121,803 13,627 135,430 11,480 146,910 
Compensation and benefits32,567 3,449 36,016 — 36,016 
General, administrative and other6,182 2,537 8,719 377 9,096 
Case-related expenditures ineligible for inclusion in asset cost3,783 — 3,783 222 4,005 
Operating expenses42,532 5,986 48,518 599 49,117 
Other expenses
Finance costs52,142 — 52,142 — 52,142 
Foreign currency transactions (gains)/losses and other expenses2,293 240 2,533 (24)2,509 
Total other expenses54,435 240 54,675 (24)54,651 
Income/(loss) before income taxes24,836 7,401 32,237 10,905 43,142 
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Three months ended September 30, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$62,060 $— $62,060 $18,008 $80,068 
Plus/(Less): Third-party interests in capital provision assets— — — (19,718)(19,718)
Asset management income/(loss)— (168)(168)2,715 2,547 
Marketable securities income/(loss) and interest6,681 — 6,681 105 6,786 
Other income/(loss)— 120 120 — 120 
Total revenues68,741 (48)68,693 1,110 69,803 
Compensation and benefits24,929 5,767 30,696 — 30,696 
General, administrative and other8,578 1,865 10,443 84 10,527 
Case-related expenditures ineligible for inclusion in asset cost1,586 — 1,586 2,207 3,793 
Operating expenses35,093 7,632 42,725 2,291 45,016 
Other expenses
Finance costs41,549 — 41,549 — 41,549 
Foreign currency transactions (gains)/losses and other expenses(148)(52)(200)(67)(267)
Total other expenses41,401 (52)41,349 (67)41,282 
Income/(loss) before income taxes(7,753)(7,628)(15,381)(1,114)(16,495)
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Nine months ended September 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$(1,467,397)$— $(1,467,397)$(782,339)$(2,249,736)
Plus/(Less): Third-party interests in capital provision assets— — — 766,209 766,209 
Asset management income/(loss)— 28,840 28,840 (27,990)850 
Marketable securities income/(loss) and interest18,672 — 18,672 173 18,845 
Other income/(loss)— 1,051 1,051 — 1,051 
Total revenues(1,448,725)29,891 (1,418,834)(43,947)(1,462,781)
Compensation and benefits(61,985)12,461 (49,524)— (49,524)
General, administrative and other20,115 5,747 25,862 434 26,296 
Case-related expenditures ineligible for inclusion in asset cost31,184 — 31,184 (61,494)(30,310)
Operating expenses(10,686)18,208 7,522 (61,060)(53,538)
Other expenses
Finance costs151,410 — 151,410 — 151,410 
Foreign currency transactions (gains)/losses and other expenses18,260 (467)17,793 10 17,803 
Total other expenses169,670 (467)169,203 10 169,213 
Income/(loss) before income taxes(1,607,709)12,150 (1,595,559)17,103 (1,578,456)
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Nine months ended September 30, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$308,420 $— $308,420 $127,328 $435,748 
Plus/(Less): Third-party interests in capital provision assets— — — (83,771)(83,771)
Asset management income/(loss)— 20,781 20,781 (15,347)5,434 
Marketable securities income/(loss) and interest21,923 — 21,923 247 22,170 
Other income/(loss)— 367 367 — 367 
Total revenues330,343 21,148 351,491 28,457 379,948 
Compensation and benefits76,077 17,886 93,963 — 93,963 
General, administrative and other23,186 5,043 28,229 300 28,529 
Case-related expenditures ineligible for inclusion in asset cost6,168 — 6,168 6,522 12,690 
Operating expenses105,431 22,929 128,360 6,822 135,182 
Other expenses
Finance costs109,408 — 109,408 — 109,408 
Foreign currency transactions (gains)/losses and other expenses(2,231)(52)(2,283)(89)(2,372)
Total other expenses107,177 (52)107,125 (89)107,036 
Income/(loss) before income taxes117,735 (1,729)116,006 21,724 137,730 
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
The table below sets forth specified line items with respect to the Group’s unaudited condensed consolidated statements of financial condition by reportable segment as of the dates indicated.
September 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Cash and cash equivalents and marketable securities$498,822 $15,348 $514,170 $16,992 $531,162 
Other assets$29,442 $182,194 $211,636 $(134,287)$77,349 
Due from settlement of capital provision assets$120,422 $— $120,422 $— $120,422 
Capital provision assets$2,451,274 $— $2,451,274 $886,305 $3,337,579 
Total assets$3,211,195 $222,545 $3,433,740 $769,010 $4,202,750 
1. Reconciling items include the proportional balances that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
December 31, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Cash and cash equivalents and marketable securities$599,011 $21,666 $620,677 $35,246 $655,923 
Other assets$24,348 $167,309 $191,657 $(117,914)$73,743 
Due from settlement of capital provision assets$164,804 $— $164,804 $— $164,804 
Capital provision assets$3,912,194 $— $3,912,194 $1,697,755 $5,609,949 
Total assets$4,811,081 $215,004 $5,026,085 $1,615,087 $6,641,172 
1. Reconciling items include the proportional balances that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.